I was explaining where the debt came from—overwhelmingly from the former government. Part of the shadow treasurer's question, uncharacteristically for him, is a really important question, which goes to global bond yields. As Shane Wright and others have picked up in the press gallery, this is something that the world is watching very closely. The shadow treasurer, to give him his due, is right to point to the fact that global bond yields have been coming up. Similarly, the Treasury 10-year bond here in Australia has gone up. He's right to point that out and he's right to say that that is an issue of concern not just in Australia but right around the world.

We have seen bond yields pick up since the beginning of the war in Iran. They pick up again when the conflict escalates, and unfortunately the conflict has escalated just this week. The longer the war goes on, the more concerned people will be about that. The war in Iran pushes up expectations for interest rates, which then pushes up yields. In fact, in every major advanced economy right now, the market is pricing in interest rate increases. Those opposite might want to blame me or the government for the war in Iran. They can explain the role that I've played in starting that, but there is a concern about— (Time expired)